Subscribe for PhysicsWallah Ltd IPO; Deven Choksey

Deven Choksey, PhysicsWallah Ltd

PhysicsWallah offers test preparation courses (e.g., JEE, NEET) and upskilling programs through a multi-channel delivery model: online, offline centers, and hybrid centers. Revenue is generated from both coaching services and the sale of study materials. Operating primarily in India, the company has expanded into the Middle East (UAE, Oman, Saudi Arabia) via its subsidiary, Knowledge Planet. The company provides content using engaging and tech-enabled pedagogy (which means teaching methodologies). Further, a large portion of the materials and courses are available in an open access or free format on it’s 207YouTube channels (as at June 30, 2025), with an option for students to sign up for free or paid courses on websites or mobile applications. Its strategy leverages India’s largest online student community with its main YouTube channel having 13.7 million subscribers as of July 15, 2025 to drive growth.

Valuation and Outlook

The fresh issue proceeds will fund inorganic growth and technology enhancements, aligning with sector tailwinds like hybrid learning and digital penetration. We recommend "Subscribe."